Stocks slipped from record highs in volatile trading on Friday as lawmakers struggled to bridge differences on additional coronavirus stimulus measures.

The S&P 500 dipped 0.4%, or 13.07 points, to 3,709.41, snapping a three-day winning streak. 

Senate Majority Leader Mitch McConnell and Minority Leader Chuck Schumer said lawmakers have reached an agreement on a $900 billion relief package, which would provide direct payments and jobless aid to struggling Americans. The announcement came after negotiators resolved a key sticking point by rolling back the Federal Reserve’s emergency lending powers.

Congress passed a one-day spending bill to avoid a government shutdown that would have started at 12:01 a.m. ET Monday. President Donald Trump signed the measure late Sunday evening, according to White House spokesman Judd Deere.

Lawmakers will vote on the relief and funding bill on Monday.

Investors were betting that a rise in Covid cases as well as disappointing economic data would push lawmakers to cement a new aid package. Jobless claims last week hit their highest level since early September, while retail sales fell more than anticipated in November.

Plan A : Short if market failed to support above 3680. Targets are 3655, 3628 and 3603.

Plan B : Long if market doesn't retrace much and supported firm above 3680. Targets are  3695, 3708 and 3727.
 

Stock futures held steady in early morning trading on Monday as Congress managed to seal a coronavirus stimulus deal hours before a shutdown deadline.

The Nasdaq Composite lost 0.1%, or 9.11 points, to 12,755.64. 

The major averages have recently risen to record highs amid optimism toward fresh coronavirus stimulus as well as the vaccine rollout. Moderna is shipping its first batch of vaccine doses after receiving approval for emergence use from the FDA. Meanwhile, the vaccines by Pfizer and BioNTech are being distributed to front-line health care workers around the country. 

With only two trading weeks left in 2020, the Nasdaq Composite has rallied 42.2% this year as investors favored high-growth technology companies.